Hemmings Gifts MAMA Members a Deep Drive into the Ever-Changing Collector Car Scene

05 Jul 2024 1:23 PM | Anonymous member (Administrator)

On Wednesday, June 26th, about 40 MAMA members and affiliates joined Hemmings’ president, Jonathan Shaw, for a virtual roundtable discussion. Topics included an in-depth look at Hemmings’ history, the company’s evolution in the digital age, and the shifting demographics and behaviors of the collector car market. Also highlighted was the company’s focus on community engagement, innovative services, and the future of both internal combustion and electric vehicles in the world of car collecting.

Key points of the discussion:

  • Ernest Hemmings founded Hemmings in 1954 in Quincy, Illinois.
  • Hemmings has transitioned from a print media company to a digital marketplace leader.
  • 25% of collector car owners are now millennials, and 22% are Gen Z.
  • Millennials spend about six months researching before purchasing a classic car, with an average price point of $30,000.
  • Despite the rise of e-commerce, 90% of collector car transactions still occur in the gray market.
  • Gen Z and Millennials prefer e-commerce and expect services that offer independent valuations and seamless transaction processes.
  • The Frictionless Marketplace was launched to cater to the needs of younger buyers.
  • Muscle cars continue to have cross-generational appeal, while interest in hot rods and cars from the 1930s to 1950s is waning. Restomodding is becoming more popular.
  • Even certain electric vehicles, like the Tesla Model 1 Roadster and Model S Plaid, are expected to become collectible.
  • Supporting institutions like America’s Automotive Trust and RPM Foundation is essential to ensure the availability of skilled craftsmen and women for car restoration.

With 92.2 million Americans interested in collector and classic cars, and with 31 million collector vehicles in the US alone, the market isn’t going anywhere. Hemmings is committed to providing sales and marketing support, as well as supplying trustworthy digital platforms for buyers and sellers to connect and keep the nostalgia alive!

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